Canadian homebuilder Minto Group is partnering with Panama City Beach-based St. Joe Co. to develop the adult planned community Latitude Margaritaville Watersound. Leading the Margaritaville development for Minto is division President William Bullock, who shared insights about what’s attracting buyers, where they’re coming from and other trends.
Consumer Trends: “I definitely see lifestyle and wellness as major consumer trends today in planned adult communities. Golf-centric communities used to be the rage, and now that has completely changed and there are much fewer golf-centric communities and much more of a focus on wellness and close access to medical care. We will not do a new community if there is not a medical facility within 10-to-15 minutes’ drive.”
Housing Trends: “We’re seeing consumers downsizing the square footage of their homes just because that’s the only method we have to combat this housing cost inflation we’ve seen over the past several years. For example, in 2021 our starting prices for homes were in the low $200,000 range. Now they have gone up to the low $300,000s. So, people are sacrificing space for price, and I think that trend will continue.”
Expanding Markets: “California is one of our top five feeder states and it’s people moving to Florida seeking affordability and low taxes, especially in retirement. And that trend will continue.”
Hardened Houses: “Customers coming from outside Florida are very attuned to hurricanes and the damage they can cause. So, to address that concern in each one of our communities we have something we call a ‘Performance Center.’ It’s a cutaway of a real house foundation and roof truss structure that displays all the steps and building codes required in construction to harden the house against extreme wind loads.”